Point Roberts, WA and Vancouver, BC - October 27, 2021 (Investorideas.com Newswire) Investorideas.com (https://www.investorideas.com/), a global investor news source covering Artificial Intelligence (AI) issues a sector snapshot looking at the wearable medical device market, featuring technology company GBT Technologies Inc. (OTCPINK:GTCHD).
With ongoing developments in areas such as Internet of things (IoT) and Artificial Intelligence (AI), and given the backdrop of the COVID-19 pandemic, the demand for mobile or wearable medical devices is, understandably, on the rise. In fact, research published by Coherent Market Insights finds that the global wearable medical devices market, which was valued at approximately $29.83 billion USD in 2020, is projected to reach $50.89 billion by the end of 2027. This category encompasses wearable therapeutic devices, wearable monitoring and diagnostic devices, and health and fitness devices. And it's not only, or even mainly, COVID-19 driving demand. According to the report's summary, demand for wearable medical devices is expected to be driven by a "high prevalence of chronic diseases," and an "increasing geriatric population."
One company that recently announced plans for this space is GBT Technologies Inc. (OTC PINK:GTCHD). GBT, an early stage technology developer in (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms is now roadmapping a wearable version of its qTerm human vitals device. The current finger-touch version of the qTerm measures a user's body temperature, blood oxygen level and heart rate. Danny Rittman, the company's CTO, explained:
"It is only natural to create a wearable version of qTerm technology. One of the major advantages of a wearable form of qTerm is its capabilities to take health related measurements; independently, and without the user's awareness, this feature can be enabled upon the user's permission. We see this feature as a great advantage; especially, when users may forget to take their scheduled vitals, not aware of a potential problem. The wearable version of qTerm will be equipped with the same AI system for on-going health monitoring, and it will learn about a user's health condition and perform scheduled checks to ensure good health. These checks will be executed throughout the day or night and in case of abnormalities the user will be alerted, and can be an efficient health monitoring system for the elderly; 24/7. In qTerm's finger-touch version the responsibility to perform a vitals check lies on the user remembering to take these on time. However, with the wearable device the checks will be automatically executed throughout the day in case the user forgets their daily health-related duties, this system will do it for them. qTerm wearable will include a website synchronized mobile application for results representation. This advanced mobile application will make the qTerm wearable device a personal health monitoring system constantly on the watch, checking, analyzing and advising/alerting about any health concerns."
Chronic diseases were cited as key drivers of the wearable medical device market by the aforementioned Coherent Market Insights report, and one such chronic disease is diabetes. Medical technology company Senseonics Holdings, Inc. (NYSEAmerican:SENS), which focuses on the development and commercialization of the long-term, implantable continuous glucose monitoring (CGM) system for people with diabetes, and Ascensia Diabetes Care, the makers of the CONTOUR family of diabetes blood glucose monitoring devices and commercialization partner for Senseonics, recently announced that the University Hospitals Accountable Care Organization (UHACO) in Cleveland, Ohio has begun offering the Eversense CGM System to its Medicare enrollees effective early September, 2021. According to the press release, the Eversense CGM System "consists of a fluorescence-based sensor, a smart transmitter worn over the sensor to facilitate data communication, and a mobile app for displaying glucose values, trends and alerts." Betul Hatipoglu, M.D., Head of Endocrinology and Diabetes at UHACO, commented:
"We are excited to offer Eversense to our ACO patients with diabetes. Supplying tools for effective glucose management allows us to meet the Standards of Care for patients using insulin as outlined by the American Diabetes Association. Eversense offers patients choice amongst continuous glucose monitoring devices. The Eversense CGM system delivers industry leading accuracy, an improved patient experience, and an array of unique features that afford people, especially those in the Medicare population, the opportunity to achieve improved health outcomes."
Similarly, Garmin International, Inc., a unit of multinational tech firm Garmin Ltd. (NasdaqGS:GRMN), recently introduced the Dexcom Connect IQ apps, "providing people with Type 1 and Type 2 diabetes who use the Dexcom® G6 Continuous Glucose Monitor (CGM) System1 with a way to quickly see their glucose levels and trends – even while working out – right on their compatible Garmin smartwatch or cycling computer." Jake Leach, CTO at Dexcom (NasdaqGS:DXCM), said:
"The addition of Garmin wearables and cycling computers to the Dexcom CGM ecosystem is an exciting advancement for Dexcom users who are now able to easily view and monitor their glucose levels from their favorite Garmin device. Garmin is our first partner to connect to Dexcom G6 through our new real-time API – showcasing the value of integrated CGM and further solidifying Dexcom G6 as the most powerful and connected CGM in the world."
Recently Onduo, part of life sciences research organization Verily, an independent subsidiary of Alphabet Inc. (NasdaqGS:GOOG), recently announced that it "will offer Fitbit devices and Fitbit Premium as part of the company's approach to whole person health." Fitbit is a subsidiary of Alphabet Inc.'s Google. Dr. Vindell Washington, MD, CEO of Onduo, said:
"With a mission to help people get healthier, Fitbit helps users manage their holistic health and wellness, making them a perfect complement to our whole-person health promise. Together with Fitbit, we'll be able to better support condition-specific management and our members' overall health and wellness by providing new tools and actionable guidance to support their health journeys. For example, in using Fitbit Onduo members will receive Fitbit insights like how increased activity can decrease resting heart rate - and they will be able to proactively engage in the management of their activity, sleep and nutrition."
Earlier this year, Royal Philips (NYSE:PHG) advanced the case for wearable devices for cardiac conditions with its acquisition of remote cardiac diagnostics and monitoring firm BioTelemetry, Inc. A Philips spokesperson told Medical Device Network:
"The acquisition of BioTelemetry will add to [Philips' portfolio of] leading cardiac diagnostics and monitoring solutions, comprised of wearable connected heart monitors, AI-based data analytics and services. These clinically validated solutions are focused on the diagnosis and monitoring of heart rhythm disorders.
BioTelemetry provides services for over one million patients per year and has built the world's largest remote cardiac monitoring services network. Acquiring BioTelemetry will further broaden and scale our patient care management solutions for the hospital and the home to enhance patient outcomes, streamline clinical workflows and increase productivity."
So while future research might indicate more clearly the impact of COVID-19 on the market, it is clear that demand for wearable medical devices is well established and growing regardless.
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